Deja Vu...All Over Again

386
Thu, Oct 4, 2012 - 10:43am

Shit's gettin' old.

OK, The Bad Guys have been doing their Masters' bidding for three weeks now. Since the introduction of QE∞, the metals have been aggressively capped. Gold has been contained, first below 1780 and, ultimately, 1800. Why? Pull up a long-term chart. Once through 1800, gold will almost immediately press forward to 1850 and then 1900. Silver has been capped, too. The $35 level was defended first but the main target is near 35.50. Once above there, silver will quickly advance toward 37.50.

The Cartel defense of these levels has been consistent and aggravating. But also predictable. I mean, seriously, were you at all surprised by the beatdown earlier this morning? If you were, you haven't been paying attention. First, there was the Globex smackdown of 9/17 followed by similar action the next morning:

We gave it a week and it happened again:

Just three days later, they began attacking during the morning, instead:

The real desperation began this week. Here is Monday:

And Tuesday:

And after taking a break yesterday, they came back again today:

On the bright side, price has since rebounded somewhat while the dollar has continued to slide lower and the London PM fix was again quite busy with new multi-month highs in both $gold and eurogold. The remaining sand is rapidly pouring through the hourglass now and resolution to this seemingly endless capping event is near.

And a heads up. I bought another Dec12 $8 corn call this morning just as I suspected I would earlier this week. I like this chart a lot and we have another crop report due next week (I think). Regardless, a move here through $7.65 should lead to some additional short covering and fresh buying. This should shove corn back toward $7.85 and, once back above there, $8+ will soon follow.

Lastly, just an update on our bullion affiliation with GBI and the Hard Assets Alliance. Though I am still enamored with their platform for buying, storing and even trading metal, I certainly understood the frustration from some regarding their $35 "account setup fee". Apparently they've gotten enough negative feedback now that they've decided to do away with the fee. So, if you haven't already, I invite you to check out the HAA site. Your purchases there help to pay the bills here so please give them your consideration. Thanks!

https://www.hardassetsalliance.com/registration

I hope that everyone has a great day in preparation for what should be a very interesting BLSBS day tomorrow.

TF

About the Author

Founder
turd [at] tfmetalsreport [dot] com ()

  386 Comments

  Refresh
reefman
Oct 5, 2012 - 11:49am

@Hawk, > Cartel raids are

@Hawk,

> Cartel raids are some of the best things to trade, today should have been a good day for traders here.

I would have done better to sit on the sidelines today. Both calls and puts were for the most part red today. How do you make money with such little volitility?

I did just pick up a few bucks from the silver dip just now... but overall it's a down day for my silver trading.

ballyale¤
Oct 5, 2012 - 11:42am

Riders on a storm.

I'm glad you posted that song. It's been on my mind for days now.

In a sense that's our new National Anthem now, whether we know it or not.

It's sooooo obvious that the EE is doing it's best to raid the PMs today, so that the monday rally will have less of an effect. The late afternoon trading should be something as the push back against the EE starts in earnest.

Hell, this is even much of a raid by the EE standards. May they their spouses and their children rot in Hell.

indosil
Oct 5, 2012 - 11:23am

WOW@YAHOO

top news at yahoo.....wow......lots of government sponsored ads are coming their way

https://finance.yahoo.com/news/us-jobless-rate-falls-7-123110106.html

Oct 5, 2012 - 11:21am
silverstool
Oct 5, 2012 - 11:17am
The Green Manalishi
Oct 5, 2012 - 11:11am

Jim Comiskey Metals "Unemployment Cooking Class"

Jim Comiskey Metals "Unemployment Cooking Class"
Video unavailable
Jager06
Oct 5, 2012 - 11:08am

Monthly Chart

The monthly Forex chart looks great with Atlee's overlays on it.

Everything else is looking pretty sucky from where I am sitting.

TOO THE MOON.....Alice? Uh....Alice? You awake or what?

Hawk
Oct 5, 2012 - 11:05am

Trading today was easy

Cartel raids are some of the best things to trade, today should have been a good day for traders here. If it wasnt you need to reevaluate your positioning and style as its not in sync with the metals markets.

HAWK

Visit the FAQ page to learn how to track your last read comment, add images, embed videos, tweets, and animated gifs, and more.

rpboxster
Oct 5, 2012 - 11:00am

tulving and others

I liked the feedback on others' experiences with dealers. I've been happy with the prices at Tulving, but lately can't take the unknown ship date. I can't put life on hold waiting for UPS. I didn't even get ship notices on some orders, and some items took a couple weeks. I get the same curt treatment thru email and phone as everyone else though, so that's comforting. I tried TX Precious Metals when they had a sale and free shipping. Very good customer service, and they only sell stuff that's in stock. It arrived almost instantly. When I called with a question, someone picked up right away and was very pleasant to deal with. I'd buy from TPM again for sure. I think the packaging said Texas Precision Machine or something like that. I only wish my wire wasn't to TX Precision Metals cuz my bank always asks "what's this for?"

Dr G
Oct 5, 2012 - 10:59am

No movements happening until

No movements happening until next week. Traders have gone home. Robots remain and will probably try to crap on the metals during Globex.

Subscribe or login to read all comments.

Contribute

Donate Shop

Get Your Subscriber Benefits

Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

Key Economic Events Week of 5/25

5/26 8:30 ET Chicago Fed
5/26 10:00 ET Consumer Confidence
5/27 2:00 ET Fed Beige Book
5/28 8:30 ET Q2 GDP 2nd guess
5/28 8:30 ET Durable Goods
5/29 8:30 ET Pers Inc and Cons Spend
5/29 8:30 ET Core Inflation
5/29 9:45 ET Chicago PMI

Key Economic Events Week of 5/18

5/18 2:00 ET Goon Bostic speech
5/19 8:30 ET Housing starts
5/19 10:00 ET CGP and Mnuchin US Senate
5/20 10:00 ET Goon Bullard speech
5/20 2:00 ET April FOMC minutes
5/21 8:30 ET Philly Fed
5/21 9:45 ET Markit flash PMIs for May
5/21 10:00 ET Goon Williams speech
5/21 1:00 ET Goon Chlamydia speech
5/21 2:30 ET Chief Goon Powell speech

Key Economic Events Week of 5/11

5/11 12:00 ET Goon Bostic speech
5/11 12:30 ET Goon Evans speech
5/12 8:30 ET CPI
5/12 9:00 ET Goon Kashnkari speech
5/12 10:00 ET Goon Quarles speech
5/12 10:00 ET Goon Harker speech
5/12 5:00 ET Goon Mester speech
5/13 8:30 ET PPI
5/13 9:00 ET Chief Goon Powell speech
5/14 8:30 ET Initial jobless claims and import prices
5/14 1:00 ET Another Goon Kashnkari speech
5/14 6:00 ET Goon Kaplan speech
5/15 8:30 ET Retail Sales and Empire State index
5/15 9:15 ET Cap Ute and Ind Prod
5/15 10:00 ET Business Inventories

Key Economic Events Week of 5/4

5/4 10:00 ET Factory Orders
5/5 8:30 ET US Trade Deficit
5/5 9:45 ET Markit Service PMI
5/5 10:00 ET ISM Sevrice PMI
5/6 8:15 ET ADP jobs report
5/7 8:30 ET Productivity
5/8 8:30 ET BLSBS
5/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 4/27

4/28 8:30 ET Advance trade in goods
4/28 9:00 ET Case-Shiller home prices
4/29 8:30 ET Q1 GDP first guess
4/29 2:00 ET FOMC Fedlines
4/29 2:30 ET CGP presser
4/30 8:30 ET Pers Inc and Cons Spend
4/30 9:45 ET Chicago PMI
5/1 9:45 ET Markit Manu PMI
5/1 10:00 ET ISM Manu PMI

Key Economic Events Week of 4/20

4/20 8:30 ET Chicago Fed
4/21 10:00 ET Existing home sales
4/23 8:30 ET Weekly jobless claims
4/23 9:45 ET Markit flash PMIs
4/24 8:30 ET Durable Goods

Key Economic Events Week of 4/6

4/8 2:00 ET March FOMC minutes
4/9 8:30 ET Producer Price Index
4/10 8:30 ET Consumer Price Index

Key Economic Events Week of 3/30

3/31 9:45 ET Chicago PMI
4/1 8:15 ET ADP Employment
4/1 9:45 ET Markit manu PMI
4/1 10:00 ET ISM manu PMI
4/2 10:00 ET Factory Orders
4/3 8:30 ET BLSBS
4/3 9:45 ET Market service PMI
4/3 10:00 ET ISM service PMI

Key Economic Events Week of 3/23

3/24 9:45 ET Markit flash PMIs
3/25 8:30 ET Durable Goods
3/26 8:30 ET Weekly jobless claims
3/27 8:30 ET Personal Inc and Spending

Key Economic Events Week of 3/9

(as if these actually matter)
3/11 8:30 ET CPI
3/12 8:30 ET weekly jobless claims
3/12 8:30 ET PPI
3/13 8:30 ET Import Price Index

randomness